APRZ vs. SMST

Last updated Jul 12, 2026

APRZ (TrueShares Structured Outcome (April) ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - APRZ is a Defined Outcome fund tracking the S&P 500 Price Return Index, while SMST is a Inverse Equities fund actively managed by Defiance. APRZ is passively managed, while SMST is actively managed. Over the past year, APRZ returned 15.81% vs 223.04% for SMST. At a correlation of -0.47, they often move in opposite directions. APRZ charges 0.79%/yr vs 1.29%/yr for SMST.

Performance

APRZ vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TrueShares Structured Outcome (April) ETF (APRZ) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APRZ achieves a 7.50% return, which is significantly higher than SMST's -31.56% return.

APRZ

• 1D: 0.51%
• 1M: 1.53%
• 6M: 5.89%
• YTD: 7.50%
• 1Y: 15.81%
• 3Y*: 15.15%
• 5Y*: 10.68%
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

APRZ vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APRZ TrueShares Structured Outcome (April) ETF	7.50%	12.97%	3.89%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between APRZ and SMST is -0.48, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.48
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.47

Return for Risk

APRZ vs. SMST — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

APRZ

APRZ Risk / Return Rank: 51
APRZ Sharpe Ratio Rank: 52
APRZ Sortino Ratio Rank: 52
APRZ Omega Ratio Rank: 52
APRZ Calmar Ratio Rank: 43
APRZ Martin Ratio Rank: 55

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
SMST Martin Ratio Rank: 38

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

APRZ vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TrueShares Structured Outcome (April) ETF (APRZ) and Defiance Daily Target 2X Short MSTR ETF (SMST). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	APRZ	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.37	+0.07
Sortino ratio: Return per unit of downside risk	2.05	2.22	-0.17
Omega ratio: Gain probability vs. loss probability	1.26	1.29	-0.03
Calmar ratio: Return relative to maximum drawdown	1.76	2.39	-0.63
Martin ratio: Return relative to average drawdown	7.47	4.64	+2.83

APRZ vs. SMST - Sharpe Ratio Comparison

The current APRZ Sharpe Ratio is 1.44, which is comparable to the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of APRZ and SMST, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

APRZ vs. SMST - Drawdown Comparison

The maximum APRZ drawdown since its inception was -18.15%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for APRZ and SMST.

Drawdown Indicators

	APRZ	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-18.15%	-99.25%	+81.10%
Max Drawdown (1Y) Largest decline over 1 year	-8.85%	-85.39%	+76.54%
Max Drawdown (3Y) Largest decline over 3 years	-15.15%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-18.15%	—	—
Current Drawdown Current decline from peak	-0.45%	-97.31%	+96.86%
Average Drawdown Average peak-to-trough decline	-3.59%	-90.88%	+87.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.08%	43.98%	-41.90%

Volatility

APRZ vs. SMST - Volatility Comparison

The current volatility for TrueShares Structured Outcome (April) ETF (APRZ) is 3.84%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that APRZ experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APRZ	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.84%	56.47%	-52.63%
Volatility (6M) Calculated over the trailing 6-month period	8.86%	135.94%	-127.08%
Volatility (1Y) Calculated over the trailing 1-year period	10.83%	149.09%	-138.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.64%	167.87%	-155.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.44%	167.87%	-155.43%

APRZ vs. SMST - Expense Ratio Comparison

APRZ has a 0.79% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

APRZ vs. SMST - Dividend Comparison

APRZ's dividend yield for the trailing twelve months is around 3.12%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
APRZ TrueShares Structured Outcome (April) ETF	3.12%	3.35%	2.78%	2.89%	0.59%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both APRZ and SMST in my portfolio?

APRZ and SMST have a correlation of -0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APRZ or SMST?

SMST has higher volatility (56.47%) compared to APRZ (3.84%). In terms of maximum drawdown, APRZ dropped -18.15% vs SMST's -99.25%.

Which ETF is better, APRZ or SMST?

On 1-year performance, SMST leads with 223.04% vs 15.81% for APRZ. On fees, APRZ is cheaper at 0.79% per year. On volatility, APRZ has been the lower-risk option at 3.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APRZ or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 15.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APRZ or SMST?

APRZ is cheaper with a 0.79% expense ratio, compared with 1.29% for SMST.

Which ETF pays a higher dividend yield, APRZ or SMST?

APRZ has the higher dividend yield at 3.12%, compared with 0.00% for SMST.

What is the main difference between APRZ and SMST?

APRZ is categorized as Defined Outcome, while SMST is Inverse Equities. They also come from different issuers: TrueShares and Defiance. Their fees differ too: 0.79% for APRZ and 1.29% for SMST.

Which has better risk-adjusted returns?

APRZ currently has the higher Sharpe Ratio (1.44 vs 1.37), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.